So what: The all-cash acquisition values Heinz at $72.50 per share, and represents a 19% premium to its closing price on Wednesday. It's the largest deal ever in the food industry, fueling 3G's lofty ambitions in the sector, while giving Buffett a much-needed "elephant-sized" acquisition to put about $12 billion-$13 billion in cash to work.

Now what: The deal is expected to close in the third quarter. Buffett said in a statement:

Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products. Their global success is a testament to the power of investing behind strong brand equities and the strength of their management team and processes.

So, while Heinz is likely popped out at this point, Berkshire is still certainly worth looking into.

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